In 2022, net profit of “Azvirt: LLC dropped by AZN 8.7 million due to currency exchange difference on road construction works performed outside Azerbaijan. As a result, the annual profit due to its owners (AZN 232,000) dropped 20 times as compared to the previous year, the financial report http://azvirt.com/sites/default/files/2023-09/Azvirt_LLC_IFRS_EN_Report_31.12.2022_V5_RI_VB.pdf of the company says.
Last year, the volume of construction works performed by the company (AZN 573m) rose by 1.7%. At the same time, foreign construction contracts (Serbia, Kyrgyzstan, Ukraine, Bosnia and Herzegovina) generated AZN 363 million, whicg is down by 15.1% from 2021. In Azerbaijan, AZN 207.2 million of work was performed. This is up by 54.1% from the volume of works for 2021.
For 2022, the company generated a balance sheet profit of AZN 16.6m, which is up by AZN 5.8m from the previous year. “Azvirt” LLC paid tax on profit in the amount of AZN 7 million 687.000 (+78.7%).
In 2022, “Azvirt” LLC’s assets (AZN 385.7 million) exceeded its liabilities by AZN 59.1 million.
At that, “Baker Tilly Azerbaijan” issued a positive audit report on the company’s financial report on 31 July.
As a reminder, “Azvirt” LLC was established in 1995 with 11%, 40% and 49% equity participation of “Azerbaijan Airlines” state concern (AZAL), Baku City Executive Authority and German company “Virtgen International GmbH” respectively.
Note that the current shareholding structure consists of two German companies, “Martin Beteiligungs GmbH and Co KG” (30%) and “Walz GmbH and Co KG” (20%), “Falcom Holding s.a.r.l” (Luxembourg, 25%) and Azerbaijani citizen Elnur Aliyev (25%).
Source: Turan News Agency